The security firm, GardaWorld has allowed itself to be outbid by a U.S. company in its takeover attempt for the UK competitor G4S plc.
GardaWorld said it would not raise its offer of 235 pence per share for G4S. This means that an offer by Allied Universal Security Services of 245 pence is the top bid.
GardaWorld chief executive Stephan Cretier says his company is a disciplined buyer and will not overpay.
Canadian GardaWorld first announced a takeover offer for G4S last September and later raised its bid in December after Allied Universal Security Services made a rival offer.